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Data provided by the public wallet tracker Shibburn shows that the Shiba Inu burn rate has increased by more than 388% after a massive amount of meme coins was burned recently.
However, while the weekly burns have soared, the daily burn rate dropped into the red.
SHIB burns rise by 388%
According to the aforementioned on-chain data source, over the past week, the SHIB community has managed to dispose of 102,261,199 SHIB in total by locking them in unspendable wallets and thus pushing the weekly burn rate 388.73% up.
The largest transfer to a dead-end wallet took place three days ago, removing 85,795,990 SHIB from the circulating supply.
As for the daily burns, over the past 24 hours, this metric has gone down by 58.88% with 3,772,366 SHIB incinerated in virtual furnaces.
3 trillion SHIB leaves Coinbase Institutional
Prominent blockchain sleuth Whale Alert, which tracks down large cryptocurrency transactions, has spotted a mammoth amount of SHIB leaving the institutional branch of the largest cryptocurrency exchange in the US – Coinbase Institutional.
3,000,000,000,000 SHIB were transferred from a wallet belonging to that platform to an unknown blockchain address. This was the equivalent of $38,244,000 in fiat. In the comments, a heated discussion started as to the nature of this transaction.
Some X users believe that this could indicate either a strategic accumulation of meme coins by an institutional investor or it could be Coinbase Institutional reshuffling its own SHIB supplies, moving them between its own wallets.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team